On Wednesday, the Supreme Court upheld the legality of using the older 200, 500, and 1000 naira notes.<\/p>\n\n\n\n
The top court insisted that the February 8 hearing, which postponed the February 10 deadline for the ban on using old naira notes, is still in effect.<\/p>\n\n\n\n
The court’s explanation came in response to a complaint filed by Abdulhakeem Mustapha (SAN), counsel for the states of Kaduna, Kogi, and Zamfara, respectively.<\/p>\n\n\n\n
According to sources, a unanimous decision by the Supreme Court’s seven-member panel on last Wednesday issued an interim injunction preventing the Federal Government from carrying out the Central Bank of Nigeria’s deadline of February 10 for exchanging the old naira notes for the new ones.<\/p>\n\n\n\n
The decision was made in response to a request ex-parte filed on behalf of the three northern states of Kaduna, Kogi, and Zamfara, who had launched a lawsuit on February 3rd to stop the CBN’s policy from taking effect.<\/p>\n\n\n\n
The hearing in the lawsuit seeking to outlaw the use of the old naira was postponed by the top court on Wednesday (today) to Wednesday, February 22, 2023.<\/p>\n\n\n\n
This comes after nine states joined the original lawsuit brought by the states of Kogi, Kaduna, and Zamfara.<\/p>\n\n\n\n
The revised number of claimants now stands at 10. The states are Katsina, Lagos, Cross River, Ogun, Ekiti, Ondo, and Sokoto. Edo and Bayelsa, on the other hand, have asked to be added as respondents.<\/p>\n\n\n\n
The seven-person panel, presided over by Justice John Okoro, commanded them to alter their procedures so that they might be heard together.<\/p>\n\n\n\n
However, Mustapha said that the top government and its agencies reportedly ordered the rejection of the old notes, contravening the court’s decision from February 8.<\/p>\n\n\n\n
He claims that the plaintiff submitted a notice of non-compliance with the February 8 court ruling.<\/p>\n","protected":false},"excerpt":{"rendered":"
On Wednesday, the Supreme Court upheld the legality of using the older 200, 500, and 1000 naira notes. The top court insisted that the February 8 hearing, which postponed the February 10 deadline for the ban on using old naira notes, is still in effect. The court’s explanation came in response to a complaint filed […]<\/p>\n","protected":false},"author":1,"featured_media":441,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"\n